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Rented 2007 Built Townhomes in Kansas City for less than $200k – 4 available

Posted by Powered by Simply Do It on February 7, 2024
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General Information
  • Four already rented town-homes available
  • Townhomes are built in 2007 (2), 2011, 2015
  • 2 are 3 bedrooms/ 2.5 baths
  • 2 are 2 bedrooms/ 2.5 baths
  • Good schools
  • There are many Simply Do It client-owned properties in nearby
  • SDI GROUP buying power: By grouping 1 to 4 investors, each buying their own townhome, we plan to leverage for a discount.
  • AT CURRENT INTEREST RATE AND RENT – THIS IS A MORE EQUITY STRATEGY AND NOT CASHFLOW ONE. ONCE WE SEE SOME RENT INCREASE AND LOWER THE RATE, CASHFLOW WILL IMPROVE.
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Who will benefit most from this
  • Chance to purchase properties priced below $200,000. Ideal for investors looking to buy multiple properties or those with a limited budget.
  • Three out of the 4 have long term leases of 14 more months left, the 4th has 3 months left
  • Rent collection from day one
  • Market rents are approximately $100 a higher than current rents
  • Approx. $70k will be needed, which includes: nonpayment, closing costs, mortgage fees + 1% point, and an estimated make ready
Your Next Step
Let Dani or Jessica you are interested or send us your questions, ideally decide on which unit you prefer.
FAQs
Q: Can I buy more than one?
A: YES
Q: Do I need to buy cash?
A: You can buy cash, with a mortgage, or use delayed financing
Q: Are there any knows issues or have any of the units have been renovated?
A: This info have been requested –
From seller's agent: “They are all tenant occupied so there is some wear and tear but nothing abnormal. No known issues or repairs needed. HOA insurance covers exterior. The two 2007 units have not been updated and are not really in need of it as they have been well maintained. The other two units are 2011 and 2015 and look great. Minus your normal rental wear and tear they are great. The photos are of a past vacant unit that has been sold but the other units are similar in style. I have recently been in each unit. No flood insurance required.”
Q: Is there any info about any of the tenant?
A: Not at this time, but will be requested if offers submitted or after offer acceptance and as part of the due-diligence
Specs, Rents & Suggested Offer
CodeBedsBathsSq FtRentLease EndsMonths left
on lease
2023 TaxesAskingSDI Suggested Offer
200*32.5           1,399            1,2903/30/25                14          2,152        189,000         173,880
216*22.5           1,363            1,2255/9/24                  3          2,134        181,000         166,520
220**32.5           1,399            1,3005/17/25                15          2,226        189,000         173,880
250***22.5           1,320            1,1755/12/25                15          2,339        181,000         166,520
* 2007 built
** 2011 built
*** 2015 built
Financial Warning
  1. The analysis excel is assuming 35% down payment
  2. Excel analysis assumes vacancy – which negatively affects the immediate cash
  3. Based on these assumptions, the cash flow shows breakeven
Property Specifications1
 Bedrooms3
 Bathrooms2.5
 Square Feet1399
 Year Built2007
 Garage Size1
 Schools Rating (scale 3-30, 30 is best)17
Lot size (sq ft)1,300
TypeTownhome
Purchase AssumptionsMy Offer
Offer used for analysis$174,000
Suggested offer (low)$174,000
Suggested offer (high)$180,000
Asking$189,000
Market Value (after improvements)$195,000
Estimated Improvements (lower)$4,500
Estimated Improvements (upper)$6,500
Estimated Closing Costs$1,740
Estimated Mortgage Costs$1,301
Other Fees At Closing (pts, . . . )$1,131
Total Cost (estimated)$183,672
Financing Assumptions 
 Down Payment (%)35%
 Down Payment Amount$60,900
 Financed Amount$113,100
 Interest Rate6.875%
 Mortgage Term (Years)30
 Monthly Mortgage Payment$743
 Cash Outlay (Total Out of Pocket)$70,572
Estimated Financial AssumptionsMonthlyYearly
Rent (upper)*$1,350$1,400$16,800
Rent (lower)*$1,300$15,600
 
Property Taxes$185$2,220
Insurance$100$1,200
Repairs75$85$1,020
Property Management Monthly (%)7.2%
Property Management Monthly ($)$97$1,158
Leasing Fee68%$38.0$456
HOA or Fixed Costs$100$1,200
Vacancy Rate4.0%
Total Fixed Expenses48%$655$7,856
 Total Expenses (Fixed + Mortgage)$1,398$16,771
Financial Analysis / Deal Attractiveness
Years:510
 Cap Rate0.1%1.4%
 Net Cash Flow$363$9,635
 Equity Increase$49,028$109,982
 Total Gain$49,391$119,617
 Average Cash Flow/Year$73$964
 Average Cash Flow/Month$6$80
 Average Gain/Year$9,878$11,962
 Average ROI70.0%169.5%
 Annual ROI14.0%16.9%
 Projected Property Value$237,247$288,648
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Disclaimer

Information contained herein was obtained from sources deemed reliable, however, Simply Do It and/or the owner(s) of the property make no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of the property is offered subject to errors, omissions, changes in price and/or terms, prior sale or lease or removal from the market for any reason without notice.

The analysis is provided “As Is”. All the information is believed to be accurate (except for the small effects of some simplifying assumptions), but is not guaranteed, and depends on the values entered for the property. This analysis is intended for the purpose of illustrative projections. The information provided is not intended to replace or substitute for any legal, accounting, investment, real estate, tax, or other professional advice, consultation, or service. Simply Do It and/or the owner(s) are not responsible nor liable for any damages arising from the use of the analysis info. 

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